<p>If there are any experts here in the area of small businesses and college financial aid, please help me out.</p>
<p>Scenario: I am in high school, started my own business (on ebay) 3 years ago. I buy and sell old drums, and starting out with a few hundred dollars I have purchased and sold, cycling over and over again, to where I now have an inventory of near $100,000. I have made minimal profits though, as I have kept funneling what I make off of drums into the business. </p>
<p>I am now a senior applying to colleges and I was just getting the FAFSA filled out.
Putting $100,000 into my inventory/assets it comes up with an expected student contribution of around $22,000 a year. </p>
<p>I talked with an accountant last year, and was told that FAFSA wouldn't take account of inventory that was still part of a business.</p>
<p>So what do I do?
Basically, with how it looks right now, after 4 years of college I will practically be back at square one. It seems I would have been no worse off if I hadn't done any of this in the first place.</p>
<p>I just did a search of old threads and one said that putting money in a Roth IRA would not need to be put on FAFSA...?
Say I sold all inventory, wouldn't the profits be put on FAFSA regardless of what I do with the money?</p>
<p>Please provide insight.